Great investors · Terry Smith · Q4 2025
What Terry Smith bought and sold in Q4 2025
Fundsmith 13F portfolio as of Dec 31, 2025: 37 positions worth $17.1 bn. Largest: WAT, SYK, IDXX, V. Filed with the SEC on Feb 17, 2026.
The 13F is filed by Fundsmith, not by Terry Smith personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 2025
- ReducedAlphabetGOOGL−4.4 pp
- ReducedIdexx LaboratoriesIDXX−2.5 pp
- ReducedStrykerSYK−1.6 pp
- ReducedMicrosoftMSFT−1.2 pp
- ReducedOtis WorldwideOTIS−1.2 pp
- ReducedPhilip Morris InternationalPM−0.9 pp
- ReducedFortinetFTNT−0.8 pp
- ReducedWatersWAT−0.8 pp
- ReducedMeta PlatformsMETA−0.7 pp
- ReducedVisaV−0.6 pp
10 companies with material moves, out of 27 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fundsmith's Q4 2025 13F lists 37 lines of US-listed securities worth $17.1 bn; the largest is WAT at 7.90% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 8:05 AM ET.
Against the previous quarter, it opened 2 positions (NTNX and ADMA), closed none, added to 4 (ZTS, ODD, DOCS and INTU) and trimmed 21 (GOOGL, IDXX, SYK and MSFT and 17 more). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Waters WAT | 3.6 M | $1.4 bn | 7.90% | −10% |
| 2 | Stryker SYK | 3.7 M | $1.3 bn | 7.57% | −20% |
| 3 | Idexx Laboratories IDXX | 1.9 M | $1.3 bn | 7.42% | −28% |
| 4 | Visa V | 3.5 M | $1.2 bn | 7.24% | −8.3% |
| 5 | Marriott International MAR | 4.0 M | $1.2 bn | 7.21% | −5.9% |
| 6 | Alphabet GOOGL | 3.5 M | $1.1 bn | 6.40% | −44% |
| 7 | Automatic Data Processing ADP | 4.2 M | $1.1 bn | 6.28% | −3.1% |
| 8 | Microsoft MSFT | 2.1 M | $1.0 bn | 5.88% | −19% |
| 9 | Philip Morris International PM | 6.1 M | $982M | 5.74% | −15% |
| 10 | Meta Platforms META | 1.4 M | $900M | 5.26% | −13% |
| 11 | Mettler-Toledo International MTD | 580,507 | $809M | 4.73% | −1.7% |
| 12 | Procter & Gamble PG | 4.2 M | $609M | 3.56% | −7.2% |
| 13 | Church & Dwight CHD | 6.7 M | $564M | 3.30% | no change |
| 14 | Fortinet FTNT | 6.5 M | $517M | 3.02% | −23% |
| 15 | Zoetis ZTS | 3.9 M | $491M | 2.87% | +7.9% |
| 16 | Texas Instruments TXN | 2.6 M | $455M | 2.66% | −3.6% |
| 17 | Intuit INTU | 625,619 | $414M | 2.42% | +3.5% |
| 18 | Nike NKE | 5.8 M | $368M | 2.15% | −5.9% |
| 19 | Otis Worldwide OTIS | 3.1 M | $272M | 1.59% | −47% |
| 20 | MSCI MSCI | 166,619 | $95.6M | 0.56% | no change |
| 21 | Rollins ROL | 1.5 M | $88.7M | 0.52% | no change |
| 22 | Qualys QLYS | 647,806 | $86.1M | 0.50% | −26% |
| 23 | Paycom Software PAYC | 523,433 | $83.4M | 0.49% | no change |
| 24 | Oddity Tech ODD | 2.1 M | $83.3M | 0.49% | +46% |
| 25 | Catalyst Pharmaceuticals | 3.4 M | $78.5M | 0.46% | no change |
| 26 | Napco Security Technologies NSSC | 1.8 M | $74.2M | 0.43% | no change |
| 27 | Doximity DOCS | 1.7 M | $73.1M | 0.43% | +22% |
| 28 | Nutanix NTNX | 1.4 M | $71.2M | 0.42% | new |
| 29 | Vertiv Holdings VRT | 410,944 | $66.6M | 0.39% | −31% |
| 30 | Verisign VRSN | 270,634 | $65.8M | 0.38% | no change |
| 31 | Clorox CLX | 613,497 | $61.9M | 0.36% | no change |
| 32 | Manhattan Associates MANH | 288,332 | $50.0M | 0.29% | no change |
| 33 | Graco GGG | 579,016 | $47.5M | 0.28% | −36% |
| 34 | Medpace Holdings MEDP | 82,567 | $46.4M | 0.27% | −35% |
| 35 | ADMA Biologics ADMA | 2.1 M | $38.3M | 0.22% | new |
| 36 | Sabre SABR | 21.5 M | $29.2M | 0.17% | no change |
| 37 | Home Depot HD | 80,206 | $27.6M | 0.16% | −5.5% |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fundsmith's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.